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tv   Your Money  CNN  March 31, 2012 10:00am-11:00am PDT

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million. here is what you had to say. kelly said, i would fix everything that needs repair in my house and cars, then share with the rest of the family after a tiny shopping spree. buy my parents a house, move to new york city and make my filmmaking dreams come true. stay with cnn this afternoon. coming up at 2:00 eastern time a special town hall meeting beyond trayvon, justice in america. then daria dolan joins us with five insurance policies you should not buy. i'm fredricka whitfield. see you then. "your $$$$$" starts right now. is president obama's health care reform law on life support, or is it already dead? i'm christine romans, welcome to "your $$$$$." >> i'm ali velshi in india. i've been touring and speaking to people of every socioeconomic level to understand its future,
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challenges and opportunities and why you need to know about india. how important india is to your economic future. christine. >> thanks, ali. health care reform is president obama's signature achievement. at the heart of the president's health care reform law is the individual mandate. the requirement that most americans either purchase health insurance or face a financial penalty. individual mandate designed to lower costs spreading them over a pool of individuals. after the supreme court arguments this week, it's pretty clear the individual mandate is in jeopardy. that could mean an end to the entire health care reform law. candy crowley, the supreme court is expected to announce its decision in the summer. if it's overturned is it a fatal blow to his legacy or rally cry to the democrats he can ride out until november. >> i think depends which party spins it best. those are the two scenarios.
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listen, in the short run this is a blow to the signature issue of his first term. in the long run, it really does depend on how it gets spun and how people perceive it. is it a blow to president obama or is it a blow to republicans who buy and large pushed this whole supreme court case and pushed it up to the high court. listen, we heard james carville say, this would be great. you don't have health insurance, go talk to the supreme court. go talk to justice scalia. the spin has already begun. i can tell you better in august or september which party is winning and trying to sort of frame this issue in a way that helps them in november. >> don't have a decision yet. wait for a decision and wait to see how it's spun and then wait for november to be sure. sanjay gupta, chief medical correspondent, host of sanjay gupta m.d., a neurosurgeon and
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author and father but here to talk about health reform. 50 million americans without health insurance. the congressional budget office predicting around 30 million getting coverage under the law, meant to provide access. what happens to the uninsured if this law is overturned. >> in many ways it goes back to the way that it was before, which is people -- depending the reason they don't have health care insurance. maybe they have a pre-existing condition or if they simply can't afford it, they try and find it on the open market. they are not getting it through their job obviously. it's a tough process. expensive. more expensive if you or somebody who is already sick. it's worth pointing out as well, christina, talking about the law in terms of fully implemented in 2014. there are some things already implemented. for example, no discrimination for children for children with pre-existing conditions. they can't be charged higher premiums for health insurance.
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if the whole law is scrapped, that would go away and premiums would go up. a kid who is sick under the new law, if the law was to pass, there would be no caps, for example, on how much insurance company would pay annually or over a lifetime. that's implemented right now. for children that would also go away. people out there who can stay on their parents plan as well until age 26. that would go away. in some ways not just sort of -- the law doesn't happen, we go back to square one. we'd have to also scrap things in play over the last year. >> let's bring in will cain, a cnn contributor. like sanjay a number of jobs. he's also a lawyer. will, put on your legal hat. last week on the show you laid out the case as to why the individual mandate is unconstitutional. it's clearly in jeopardy. what might it mean for the rest of the law? take a listen to justices scalia and ginsburg. see if you can figure out what the court might ultimately decide. >> my approach would say if you take the heart out of the statute, the statute is gone.
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>> why shouldn't we say it's a choice between a wrecking operation, which is what you are requesting or a salvage job. and the more conservative approach would be salvage rather than throwing out everything. >> so will, can the rest of the law, if the mandate, the glue, is struck down. >> that's an interesting question. this shows a break down of the justices. based upon their arguments, where we think they might stand. at least on the constitutionality of the mandate. the liberal, briar, ginsburg, kagan and justice sotomayer. thomas alito and scalia, strike down. roberts and kennedy, not on the mandate but receiverability, if the mandate is struck down will
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they strike down the entire 2700 page bill. it's impossible to predict. we did hear them say they wanted to seek judicial modesty. they don't know the answer to that. is it more modest to start a clean slate, strike down the entire thing and give it back to congress or more modest for the supreme court to go through 2700 pages and analyze what is constitutional and what is not. >> sanjay, can i ask how disruptive this is in the medical profession for watching and waiting, waiting game what's going to happen. doctors and hospitals i talk to are already implementing things to try to get ahead of new health care reform and what this health care regime is going to look like. now there's a huge question mark on everything. >> it's been sort of an approach with a fair amount of caution. some of the things really spch to hospitals in terms of improving medical records, for example, reducing errors, starting to share outcome data with the entire country, these are very specific things that happened within hospitals.
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some of that is under the affordable care act. but you know, i think in terms of disruptions, i think people have been sort of cautiously awaiting to see how this plays out. i don't know how disruptive it will be. i think people really haven't implemented a lot of changes on the physician-patient relationship yet. >> i think you're right on that, too. the patient, medical records, there's stimulus money, too. this other movement unrelated to health care reform also changing health care and delivery of health care and system overall. candy i want to bring you in. question is the politicization of the supreme court. this is a very big case. rarely have you seen so much political fire and brim stone. presidential candidates at the supreme court this week using it as a moment. >> sure. you've also had every january when the row v wade anniversary
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comes up you see this outside. >> true. >> we saw this in bush v. gore in 2000. by and large the supreme court does a lot of things that changes lives. it's big things that come to the front and bring people to the steps of the courthouse. one of the political issues you will see coming out of this is what has always been a real key issue for republicans, and in large parts democrats as well, which is we want to nominate a guy who will pick our kind of justices. believe it or not on the campaign trail the supreme court is a pretty big applause getter, particularly in the republican party. to them it's always been right to life, that kind of thing. so i think this will sort of amp up the importance of the supreme court and who gets to nominate, because it is right on that
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cusp. if you have a controversial ruling you're going to see a lot of talk about the nomination of the next supreme court justice and who should be able to do that. >> candy, sanjay, will, stay where you are. up next if the supreme court strikes down the health care reform law is there a back-up plan in place to help your family deal with soaring health care costs. plus ali's travel across india talking to top innovators. what he's learned and what you need to know. [ male announcer ] if you believe the mayan calendar, on december 21st, polar shifts will reverse the earth's gravitational pull and hurtle us all into space, which would render retirement planning unnecessary. but say the sun rises on december 22nd and you still need to retire, td ameritrade's investment consultants can help you build a plan that fits your life. we'll even throw in up to $600 when you open a new account or roll over an old 401(k). so who's in control now, mayans?
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get help right away if you have swelling of the face or throat, or trouble breathing. tell your doctor your medical history and find an arthritis treatment for you. visit celebrex.com and ask your doctor about celebrex. for a body in motion. costs spiraling out of control for american individuals and businesses. in 2011 the cost of health care for a family of four under an employer plan was $20,000 more than double what it was in 2002. sanjay, individual employees are being asked to shoulder a greater share of rising costs. if the president's law is struck down is there a plan b for limiting the burden of health care costs in rising health care costs? >> no. i don't think there is. i asked the same question. to be fair the whole notion of controlling costs as part of
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this plan, hard to pars out. no one has done a terrific job -- >> always about access to health care, access to insurance. not as much about lowering cost other than it spread out the burden among so many people that that should at least slow the pace of health care cost growth. >> exactly. even that -- if you sort of track health care costs over the last decade, we've had a slowdown in the increases year to year in health care costs. it's still been certainly going up. the plan didn't have a lot in terms of curbing that. that was one of the criticisms as well. i don't know with regard to whether this law goes through or doesn't, goes through in part, whether that will have a significant impact on cost. it will have a significant impact on individuals as we talked about earlier. >> it's been two years since that law was signed -- the bill signed into law. today only a quarter of americans would like to see the supreme court leave the law
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unchanged. this according to cnn poll. 43% would like some provisions overturned. 30% want to get rid of the whole bill. will, health care costs are a serious problem for millions of americans we know. if it's not the president's plan, then who is offering a solution? >> not very many people. i would say this is a legitimate criticism of republicans. they are good at criticizing the existing plan presented by the president and i think deserves a hefty amount of criticism but they haven't been good at providing an alternative solution. there's only two ways to ever exert price controls, cost controls over health care. you either allow the market through free market mechanisms that lower prices for every other product in society to work its magic in the health care industry or you empower the government to have a large enough influence over health care to put price controls over it. where we sit right now is in the middle, a place that has done neither. we've seen health care costs spiral up for years and years
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and will continue to. >> candy making the case for conservatives who oppose mitt romney on the issue of health care. listen. >> it became very clear to me that we were going to make a very, very serious mistake if he got the nomination. because he's uniquely disqualified to make the case against obama care. >> mitt romney has been hearing about how he was the architect, prearchitect of obama care. if supreme court strikes down the law does mitt romney get a free pass because conservatives scored their victory? >> no, simply because their argument is that the president is going to say maybe the supreme court struck it down but they had it in massachusetts, too. look, mitt romney's problems with health care are part of a larger problem about what he's for and what is he against. i think those remain in place. the -- i think the train left the station in terms of whether or not that will stop him from becoming the nominee. in terms of whether it will
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change anything for him in september should it become the nominee, i don't think it changes anything. he's stuck with the overall perception of whether it's health care or abortion or anything else like where does he stand. it's part of an overall package with romney. >> speaking of the politics, politicization of the supreme court, will was making a really interesting point about 2016. think ahead to where we are, the composition of the court, and whether a big issue like this is in the hands of a different court. talk to me about that. >> candy pointed it out in the last how important it is. 2016 the end of the next term for the president of the united states, ginsburg will be 83, scalia will be 80, justice briar 78. that's potentially four justices late in life sitting on the bench or retiring on the bench, four appointees. >> a political landscape -- a lot of people are saying 2016
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will be an amazing different landscape than it is now. candy, you're like oh, my gosh i'm too tired to think about another -- please let me get through this one first. when you're talking about the supreme court this is what we're talking about. i want to wrap it up with sanjay on cost. doctors, patients, other journalists, what is all this going to mean if this is overturned for my relationship with my doctor right now. >> the interesting thing, for a lot of people it may not dramatically change things for th them. that was something president obama talked about when he first talked about health care. if you're insured, have a physician you have a relationship with, a lot of that should not change. so i think not having the law or not having the law in its entirety for a lot of people they may not notice a lot. a lot of companies, as you mentioned, christine, have raised their premiums in sort of
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anticipation of the affordable care act going through. i doubt those premiums will revert back to what they were in the form of higher co-pays or fees or different insurance plans. one thing i want to say really quick to something candy was talking about early. i interviewed governor romney about this a couple years ago specifically and asked him about the, you know, plan in massachusetts and national plan. one of the points i think you're going to hear from him more, and one of the points he made to me, look, what happened in massachusetts in many ways very effective. 98% of that state is insured now. i think people within the medical community, patients, it's very popular. i think he says often, and i think you'll hear more, every state is different. massachusetts is different than alabama that's different from texas. therefore to have health care plans at a national level that impact states so differently, have different needs is part of the reason he advocates these sorts of plans being at the
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state level. i don't know where that conversation goes from here. obviously it's going to be a big discussion topic if he's a nominee. >> all right. dr. sanjay gupta, kraend crawley, will cain, have a good weekend. just because you're hearing recovery doesn't mean you're seeing one. is the middle class missing out. they may take a hit in the u.s. but growing in india. ali looks how a growing consumer market means more opportunities for u.s. businesses in india. we always hear about jobs leaving america. here's a chance to create jobs in america.
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as investors rejoice millions of americans are asking where is my recovery. look at the private number of total jobs versus performance of the s&p 500 over the last 10 years. looks similar, right? including the drop during the recession. this is the s&p 500, the number of people working. the recovery bowden unce is wheu see the difference. after a low in '09, s&p 500
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around 1400 today. though the jobs picture is improving, gains there are modest. they happened later than the company stock market recovery and they have been shallower prompting federal reserve chairman bernanke this week to remind everyone the private sector remains 5 million jobs below its previous peak. assistant managing editor for "time." bob herbert and stephen moore, editorial writer for "wall street journal." bob, the economy is adding jobs. we can see from charts. unemployment rate falling. no question about that. is this a statistical jobs recovery or evidence life is improving for anybody really. >> there is really a recovery in jobs, beginning with couple hundred thousand jobs a month. a couple of points. one, we were in such a deep hole, that was not enough to help us climb out of the hole. two, the quality of jobs. the quality of jobs are not great. a lot of the jobs being created are part time or low wage,
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whatever. those are two reasons people don't feel they are in a recovery. >> let's talk more about feeling. september, 10% of americans described conditions as good according to a cnrc poll. that number has risen steadily. today three in ten americans say things are going well. a consumer driven economy. so can the economy recover without the consumer feeling better? >> absolutely not. the consumer doesn't feel better. as you've shown with your graphs, it's a two-speed recovery. stocks are up. those benefit mostly wealthy. majority keep their money in housing. the housing mark is not back. meanwhile wages have been flat throughout not only this recovery, which has taken longer than any in history by the '70s. the average person in america hasn't gotten a raise since 1968. >> i spoke with the founder of fedex, ceo of fedex in washington. naturally i wanted to know what message he wanted to send political leaders on business. >> the country simply does not have an adequate growth rate to
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provide an increased standard of living. >> the economy is not doing well enough? >> it's not doing well enough. growth rate down from 4% to 2% over the past 30 years. that's not enough to both improve people's standards of living and provide full employment. >> stephen, fred went on to tell me the current policies are standing in the way of robust growth which sounds a little like someone i know named stephen moore. let's get specific, if we want the standard to improve for americans, what needs to change first. >> i'm not joking. if i could hand pick anybody to be president of the united states it would be fred smith. this is a guy who knows how to run an operation and run it efficiently. fred has run fedex amazingly well. i do think the economy is recovering, doing pretty well. the question is how robust and sustainable it is. i think if i were advising president obama, i would give him one piece of advice.
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do not raise taxes in 2013. i think that the economy is way too fragile right now. the recovery is too early a stage. >> are you making the assumption he's president in 2013? are you making an endorsement or prognosis here. >> look, i just think it's a big mistake. the economy is doing well. i worry starting in september, october, people say wait a minute, we're going to face this tax tsunami starting in january, capital gains going up, small business tax going up, i'm not sure the economy can withstand that second of all, i do think we should have a much more impressive energy policy that exploits our own natural resources. >> if i could talk about the tax issue. historically the periods in this country where we had the greatest growth, '50s and '60s, we had higher taxes. as ceo of a president i would make the point running a country and run a company are different things. bifurcation between fortunes of
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companies and rich nations right now. >> so interesting fefz 50s and '60s last time anybody got a raise, american worker got a raise was 1968. this it at the same time concurrent with huge technological innovations that foster globalization. we see the world changing faster than american families can keep up. washington seems absolutely unable to get out of its four-year thought cycle to address what is a changing reinvention of this country. >> we have become a can't do society. when i was growing up in those early post-war deb aids we were a can do society. one of the main things we did was invest in the future of the united states and in the american people. the reason i think taxes have to go up are two-fold. one, we have those enormous budget deficits. we have to get some handle on them at some point. even more important we have to make some investments in our infrastructure, in education, other areas, research and development. that's where you'll get the new
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ideas, the innovation, new industries that will power the american future. >> interestingly enough, april 1st the united states becomes the highest corporate income tax rate country in the world. >> no, it's important. >> corporations are not paying that tax. >> look, you ask anyone who is running a major corporation. even president obama's own economists say this is putting america at a competitive disadvantage. >> why so many -- why are they sitting on trillions of dollars. >> they are reluctant to invest. they are risk averse right now because of policy. i have to say this in terms of a positive note. this idea that the american middle class has not made advances since the late 1960s is crazy. the average middle class family when you take into account all we have 40 to 50% better off than 1960s. the idea we haven't made progress. >> record rates of poverty but
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cell phones? >> access to much better health care, access to goods and services. would anybody today want to go back to the way people live in the 1950s. >> society in the past half decade, i would never argue that point but middle class families have struggled. one of the ways they have kept themselves about -- among the ways they have kept themselves above water women have gone into the workforce, wives and mother, people are working more -- wait a minute. people are working longer hours. they took on tremendous amounts of debt. >> the idea women weren't working in the 1950s and '60s is nuts. >> not to the same degree. >> they were working housework. would you rather be doing -- >> the standard of living in the 1950s and '60s on a single income if you had a middle class job. >> guys, all right, this is not a gender issue. >> i'm talking about paid work. i'm not saying -- i also think it's a good idea that women went
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into the workforce, i'm not being critical of that. i'm saying they had to do that to keep families above water economically. >> we've tried to basically cover up this downturn in incomes with another thing. let's put a couple facts on the table here. the labor percent of gdp in this society is at all-time lows. going back to your point about technological job destruction that link was broken in the '70s. that's when education stopped keeping up with technology. so bob is right that infrastructure and investment and education, these are the things to get us out of this mess. >> we have time to talk about this. you're staying. don't move. up next, gas prices on the rise so are hopes somebody in washington can stop them. are we going unrealistic? plus building on bricks. that's brics without a k, newly emerging economies meeting in india this week and ali is there, too. [ man 2 ] yummy. i got that wrong didn't i?
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you are forgiven if your
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optimism about this recovery comes to a screeching halt every time you pull into the gas station to fill up your car. seven out of ten americans say rising gas prices have caused an economic hardship for them according to a cnn poll. national average gallon of gas passing that mark is not letting up. bob, are we just all complaining? >> i was going to say we are all complaining. it makes it much more difficult. the recovery is weak already as we've been saying. so if you layer increasing gas prices on top of that, it makes it much tougher. >> everyone wants to blame, speculatorsish government for a failed energy problem, us. let's talk about playing the blame game here. the majority of americans blame oil companies for gas prices by a wide margin pointing the finger at big oil instead of
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either political party or iran. no surprise when president obama chose to tap into that anger he tapped into that this week. >> so american oil is booming. the oil industry is doing just fine. with record profits and rising production, i'm not worried about the big oil companies. >> all right. president targeting oil subsidies. that's what i was talking about there. is it the oil companies to blame, record profits and we're hurting because of it. >> neither president obama or oil companies. oil companies have access to 12% of reserves because the rest are in the hands of oil in unpleasant countries. oil is set on the global market. we have the idea the president can control gas prices. gas is based on oil, oil is based on rising demand in china, india, speculative markets and what's going on in iran. >> interesting. what lot of times what people
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say privately about gas and oil and subsidies, exactly your point, there's only access to 12% of the world's oil. look, national security imperative american energy companies are incentivized to get as much energy as they possibly can. that kind of is a theme underlying this, stephen. >> one thing, when the president keeps talking about raising taxes on oil companies, christina, answer me this question. how are you going to get more -- how are you going to lower the price of gasoline if you're going to raise the tax on it. that as an economic concept makes no sense. i'm extremely optimistic about the u.s. energy future. i just got back from north dakota. we don't have 12% of the world's reserves, we have half of them. north dakota, colorado, pennsylvania. i mean, the natural gas we have 200 years of natural gas. i think you're going to see over the next five or ten years, as long as we continue to develop our resources, you're going to see america move to being an oil and natural gas exporter not an importer. how exciting is that. >> we can agree on one thing,
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energy security future is brighter. we're actually already exporting more oil than we have since 1949. horizons for development of reserves you're talking about are longer. i think we have to do them in tandem with other things, developing green technologies. these are the things ultimately that will take us. >> we have this conversation, bob, people say, yeah, i paid $85 to fill up. they want an answer today. they want to blame somebody and want somebody in washington to fix it. >> it can't be fixed. what i think will happen going forward in the long-term is that gasoline prices as we've come to know it will continuously gradually get higher. i do think we need to look at alternatives including green energy. most important, whatever one's views are we need an energy policies in this country, a coherent energy policy. >> why do you think they are going to go down. you said gas prices will go down. why? >> incredible. unbelievable what's going on with the fracking process,
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horizontal drilling. we have access to 10 times more oil than we did 10 years ago because of these technological breakthroughs purchase so much more expensive. >> but the price is going down to dramatically. they have so much in north dakota they burn it off at night. >> in north dakota, they have natural gas crews switching to work on oil crews because you're getting more money -- >> i want to make a prediction to you. in the next five, ten years, we're going to start using natural gas to fuel our cars, because natural gas is so much cheaper. >> the last block, saying looking for long hall trucks, l and g facilities along the interstate highway system. they think that's going to be something lucrative to them. >> you can't make that changeover without an energy policy. >> you know what, we spent for every dollar of subsidies we provide to oil and gas we provide $50 to $100 of sub disto wind and solar which only provide 2% of our electricity.
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>> should we give up. >> yes. >> i'm going to say we should stop talking about taxes bought companies. we should start talking frankly about a higher consumption tax on gasoline itself. we've been paying below rates of countries like europe for a long time. we have the idea gas should be cheap. >> that's more expensive. >> energy companies love to point out that you, out of your pocket, more is paid in federal taxes and state taxes than actually paid in what their profit is. end of the game. thank you, editorial writer, bob herbert and assistant managing editor for "time." "time's" cover story is the truth about oil. up next which u.s. industry is eyeing india as the next big thing? ali there with that answer. he'll tell us why other businesses should be watching closely, too. you don't want to miss this. i'm the first licensed indycar driver
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>> long-term picture in india is really, really good. i saw huge investments by ford, gm expanding. they are betting on inevitability of long-term -- >> a lot of people saying in the long run this place is going to work. >> right. the middle class coming up. the middle class is going to want cars. they are getting to that tipping point of income levels all over the country. what that means for the roads i don't know. >> that's useful to know. two-wheelers and three-wheelers, most people get around on theoretically moving into cars. >> ford and gm a bit late but investing a lot of money because
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they see india as a great opportunity for the long-term. >> flip side indian industrialists who say we need greater fdi. all say fdi in this country, foreign direct investment. sounds obvious, country of consume consumers. >> they change the tax rules that's going to hit, voda phone had a tax deal, a retrospective taxation. >> taxing them on something. >> not only that any american company that's done any merger in the last six years explain themselves they pay taxes somewhere in the world. >> some of that is indicative. you worked here before. some indicative of what we know as the indian beaurocracy. it is a reason why it's easier to do business, you need a lot of permits. there's corruption here. but a lot of companies, 1.3
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billion people, customers, some of whom have to come up with the economy. >> the american companies that came in the first wave of economic reforms here, people like kellogg's, coke, pepsi, kfc, mcdonald's, they have done well. it's the second generation, a trillion dollars on the table, indian investment in infrastructure that the government is committed to make. u.s. companies are pretty much nowhere in that infrastructure. >> why not? why are you seeing investments from other countries but not so much u.s. >> japan building -- a fantastic metro system. a lot of reason for that, a lot of infrastructure is public-private partnership. american companies to deal with indian government, that's a tall order. that's a difficult thing. japanese companies, they have had a long history of dealing in public-private partnerships with their state. it may be more difficult to deal with the indian government. >> familiarity. >> familiarity. >> a term used elsewhere in the
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world, public-private partnership, not that commonly used in america. >> right. >> business is business and government is government. >> here government is everywhere. business thrives when government isn't there. but that middle ground where government is involved, where there's rules and regulations, look at walmart. walmart thought it was coming in to a surefire investment in india. the indian government preparing for years, talking for years, we're going to direct direct investment in retail, india, help prime minister announce the decision and then almost immediately coalition -- its own coalition said uncomfortable with it, had to stand up and reverse. >> part of that a coalition government in the country where voting has become fractured over the years. there isn't one party leading. they have to make deals with other parties. makes it more complicated. simon, thanks for joining us and explaining it to our viewers. we're going to continue this discussion on india. one of the things we talk about in the united states is how innovation can lift an economy
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up. when we come back, i'm going to talk to a guy central to innovation in india. a special edition of "your $$$$$" from new delhi. what ? customers didn't like it. so why do banks do it ? hello ? hello ?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello ? ally bank. no nonsense. just people sense. like in a special ops mission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering, web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account.
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welcome back to a special edition of "your $$$$$." christine in new york. i'm in new delhi. i spent a couple of weeks touring i've been speaking to merchants, to students, entrepreneur, ein oh vaters and people from government about what this country faces, the challenges and the opportunities. and i have come upon a man who falls into couple of those categories. sam patroda san innovator, invent and at the moment in the government. he has a cabinet rank. a special adviser to the prime minister of india and one of a rare breed who have bridged that gap between industry and politics. something that has become an area of great difficulty in india right now. it seems that at times government and business are at odds with each other. tell me, for our audience out there, we have a country with
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greater than 6% economic growth. you spend half your time in america. what america would give for 6% growth, yet i have people telling me, this is tragic. this is very difficult for india. explain this to me. >> i think the way we are today, india has to grow at 8% to 10% a year for the next 20 years. >> wow. for 20 years. you had 6%-plus for many years. >> yeah, but it's not enough. mainly wah we have economical challenges. one, disparity. between religious, urban poor, educated and uneducated. two topography. with have the workforce for the world and three growth. we need more colleges, roads, power plants, more homes. everywhere you look around, we
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need to expand, we need to excel, and we need to grow equity so that the poorest of the poor can indeed have access to good education. >> i know you're optimistic. almost everybody i speak to thinks the india of the future is a very hopeful prosperous place. >> absolutely. >> lots are troubled about the immediate india. tell me why. what are you major challenges india faces in the immediate future and the present? >> i think for the last year or two, we have had great deal of pressure on the system. especially when it comes to decision-making. >> are you talking about america or talking about india? >> here in india. >> sounds like america. >> yeah, we we have similar problems. we have a coalition government, and coalition government has its own cumbersomes. we need strong government.
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we need clear decision-making process, and a lot of our processes are all, at time, obsolete. many of these processes are designed during -- they don't make sense anymore. especially they were designed for command and control, and today we need processes for collaboration, cooperation, good communication. and i think -- there's a little bit of disconnect with the old and the new. old says, status quo. new says, generational change. >> uh-huh. >> and i think we are going through that phase. >> right. and you've got -- your new is this remarkably new demographic you're talking about, a very wired country. it's a kind of unfathomable how many use mobile phone in this country. you've got broadband coming up. >> we are a nation of connected
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billion. 900 million mobile phone. not too long ago, only 2 million phones in this country rcht 2 million and -- >> the bigger thick is get telephone connection. now everybody is wired. but the first phase of the telecom revolution is ending. the next phase of broadband is about to begin. >> you spend a lot of your time in the united states. so with the idea that my viewer is american, or north american, tell me what the opportunities are in india? you've told me the challenges. what are the opportunities? >> everywhere you look around there are great opportunities. in education, in health, in infrastructure. for example, we will be spend over a trillion dollars on building infrastructure in the next five years. $500 billion of that is going to come through public partnership. so opportunities are everywhere. in telecom, we need to build huge broadband infrastructure.
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applications. everywhere i look around, i find major, major opportunities in india. we also don't have right kind of talent in many areas. we need more management talent. we need more scientists, engineers, entrepreneurs, innovators, and at the same time, we also need more plumbers, electricians, we need more, you know, doctors, you name it. >> yeah. >> and that's the challenge we have. >> well, sam, good to see you. thanks for being with us. i think someone is call ug away. you are a busy guy, work in industry. great see you. >> i hope you have a great trip. >> we always had a great trip. adviser to the prime minister here in india. he's an inventor, innovator. one of the things we'll talk about next week is, it's the jobs report. i know it's easter friday next week, but the government is releasing its jobs report for
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the month of march. this has been 17 months in a row of job creation in the united states. can we go for another month of job creation? is the american economy getting better? i'm going to tell you a little about that when we come back. stay with us. you're watching "your money." so what do you think? basic.
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at meineke i have options... like oil changes starting at $19.95. my money. my choice. my meineke. the story you need to watch next week, the jobs report pr more than 200,000 jobs added to the economy three straight months. with 8.7 jobs lost as a result of the recession, we have a long way to go. the big test, whether this economy can continue to create jobs. >> remember march, 2009, three years ago when the market bottomed out, one of the worst job loss months. we at least don't have to worry the fact jobs were created in the united states in march. as you said, how many? 18 months in a row of job creation. is it strong enough to put a dent in that unemployment jate strong enough to keep americans spending and investing and growing that economy? it's crucial and we'll be on top of
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